You are here: Home - News -

Aldermore valued at £651m in IPO offer

by:
  • 10/03/2015
  • 0
Aldermore has released 34.8% worth of share capital priced at 192p each on its first day of trading, giving it a market capitalisation of £651m.

The challenger bank revised its decision to float on the London Stock Exchange in February, after abandoning initial plans to list shares on the market in October last year.

On its first day of conditional trading, Aldermore released over 39 million new shares onto the market which it expects will raise gross proceeds of £75m. It said it will use net proceeds raised from the IPO to support the medium term growth of the business.

Following the bank’s announcement, the value of shares jumped by 10% to 213p.

CEO Phillip Monks announced that all Aldermore employees would receive shares of up to £1,000 in value to ensure the workforce could ‘participate in future success’.

“The success of our IPO is testament to the strength of our story as a legacy-free bank focused on providing banking services to SMEs and homeowners. It’s also a clear demonstration that the investment community shares our confidence in our ability to continue delivering profitable and sustainable growth for our investors,” Monks said.

“We believe that becoming a listed company will further support our development by allowing us to provide flexible and straightforward products and customer-focused banking services to British SMEs and homeowners.”

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
Mortgage lending slowdown hailed as sign of healthier market

A slight decline in gross mortgage lending, high loan-to-income advances and a decline in the value of first-time buyer loans...

Close